Stellantis: Major Shareholder Phitrust Denounces Antonio Filosa's Compensation
As the Stellantis general assembly approaches on April 15, 2026, portfolio manager Phitrust challenges the executive compensation structure of the automotive group, deemed disconnected from governance standards. An advisory vote is scheduled on the 2025 compensation report.
Since 2022, Phitrust has been opposing the structure and amount of compensations awarded to Stellantis' executive management. The former CEO, Carlos Tavares, received over 70 million euros for 2021, including an exceptional plan of 44.5 million euros covering the period 2021-2025. Despite a 53% negative shareholder vote in 2025, the overall structure has not been fundamentally changed. The following years saw compensations of 22 million euros in 2022, 19.7 million in 2023, and 6 million in 2024, the latter amount including a 2 million euro severance package.
New CEO's Compensation Sparks Controversy
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The new CEO, Antonio Filosa, benefits from a compensation policy that Phitrust claims is disconnected from the standards of the CAC 40 and the European automotive sector. His 2025 compensation amounts to 9.5 million euros, including 1.4 million fixed and 5.8 million in long-term shares, with annual variable compensation amounts that can reach 400% of the fixed salary and 780% in the long term. The manager also highlights an inconsistency: although the policy displays a principle of 'pay for performance', a cash bonus of 1.1 million euros was reportedly awarded without performance conditions. Phitrust also mentions the removal of criteria related to the progression of low-emission vehicle sales in performance indicators, despite the growing importance of this segment in Europe.
Nos résultats pour l’année 2025 reflètent le coût d’une surestimation du rythme de la transition énergétique et la nécessité d’entreprendre un « reset » pour replacer au cœur de notre activité la liberté de choix de nos clients.
Stellantis publie les résultats annuels 2025 avec un chiffre d’affaires net de 153,5 milliards d’euros et une perte nette de 22,3 milliards d’euros, principalement due à des charges exceptionnelles. Le deuxième semestre 2025 montre une reprise de la croissance et une amélioration du free cash flow industriel. Disponibilité de liquidités industrielles à 46 milliards d’euros; le dividende 2026 est suspendu et des obligations hybrides jusqu’à 5 milliards d’euros peuvent être émises. Perspectives 2026 affirmées avec une progression attendue du chiffre d’affaires net, de la marge AOI et du free cash flow industriel; accélération attendue entre H1 et H2 2026.
Outlook / guidance
Expected revenue: Prévision d’un chiffre d’affaires net en hausse de milieu à un chiffre pour 2026, avec une amélioration progressive entre le premier et le second semestre.
Expected EBITDA: Marge AOI à un chiffre dans la fourchette basse en 2026; amélioration de la génération du free cash-flow industriel attendue.
Expected net income: Perspectives 2026 axées sur une amélioration progressive du chiffre d’affaires, de la marge AOI et du free cash-flow industriel.
Management commentary: La société réaffirme ses perspectives pour 2026 et prévoit des améliorations progressives entre H1 et H2 2026.
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